tv FOX Business After the Bell FOX Business October 11, 2012 4:00pm-5:00pm EDT
$10. [talking over each other] >> they opened a can of worms. >> real-estate service company jumped in the stock market but they do. >> of the ipos, 20%, a great day, century 21 and coldwell banker under their umbrella. dave: a good day for certain stocks but not the market itself which looks like a nice picture. dave: they got a bell ringing of with quickly. liz: let's see how stocks are finishing up. they can't make a go of it. down 16 points and the s&p and the nasdaq opposite directions that the s&p moving higher by about a fraction. russell 2,000 seeing a gain of 1/3%. dave: we want to focus on financials. jamie dimon giving a speech that led to good reaction. all of them doing well
particularly -- there is bank of america but j. p. morgan, wells fargo also reporting tomorrow, a lot of anticipation what has happened with j. p. morgan. wells fargo not so much. liz: holes seeing another big jump continuing their run. let's look at the exchange, the components in this one, consul energy, peabody energy but of $0.92. we see a gain under 4%. dave: natural gas continues to go up 4%. a little more than 4%. we have a guest coming up from swift energy with oil and natural gas and specifically one trade in natural gas you might not have thought of. liz: along this move for the past couple months. bells ring, action really begins.
she has her first success in business at age 16 and went on to revolutionize the telecom industry and launch her own private equity firm. now lynn forrester rothschild is on a mission to rehabilitate capitalism. you know capitalism lives here at fox business. she is joining us in a fox business exclusive straight ahead. dave: rome investors that some investors are fleeing but one manager says now is the best time to get into europe. there's a lot of opportunity. liz: we will tell you what drove the markets with that data download. mixed day on wall street. lost momentum in the last hour of trading. the s and p got finis gains but snapping a four game losing streak. energy and financial baton performing sector was telecom and consumer discretionary had trouble and struggles and corn prices surging. official u.s. forecast usda report for the harvest and the
usda forecast dropped 13% compared to a year ago. that was bullish for prices. weekly jobless claims fell 30,000 to seasonally adjusted 339,000. the report is questionable. may not be as positive as the sharp drop in the case. numbers raise questions after investors call that a statistical fluke. labor department saying no state is to blame for the decline but questions whether california's numbers were weighing in on this remain. dave: all the details are yet to come. larry is in the pitssof the cme. peter will tell us why. tied for the u.s. to avoid a recession giving certain circumstances and scott fries says to avoid technology. we talked about that because of apple. let's start with wary at the cme. a couple down days. looks like a clear direction and today no clear direction at all. what is going on?
>> million reasons the market went down monday through wednesday and today there are a variety and no one seems to know and in reality, a lot of background noise right now. 1430, 1470, up until we see a major catalyst, keep in mind we will stay in this range. something to change the narrative of the market. liz: we know the market is a living breathing thing. crossing the flat line 22 times in the last hour, what would an investor who figures out they can find direction on any given day do about this? what seems like a sure thing? >> there is no sure thing. what i would keep in mind is i would not underestimate the power of the federal reserve. keep in mind that 14 times p e
earnings at 7% nominal yield in the equity market is very competitive compared to cash and u.s. treasurys so the coast is clear, investing never makes sense. preparing for armageddon never makes sense and close to normal equity valuation right now but stay with the big names that are paying dividends. dave: what about oil? we saw another pop above 1%. some say this is overbought. what the is a? oil. it continues and some people say there's not a demand for it. >> supplies are shrinking. refinery margins have widened. keep in mind problems in turkey and the u.s. dollar reversal today going for a corrective in oil and i expect oil to climb a little further because they will find demand somewhere. my not be in europe but it will be somewhere. i do expect oil to the higher.
three months from now than where it is today. >> thanks a lot. liz: let's bring in our market panel. peter, managing director along with scott freeze, st. one financial president. you are more cautious. what other reasons besides the obvious. we all know about the fiscal cliff. we know about all kinds of question marks when it comes to earnings. give us some unknowns. >> it is down to the employment numbers. there wasn't anyone -- >> it hurts people's investing. >> takes confidence away from the market itself. pessimism for the earnings season. europe is a complete mess and nobody believes the unemployment numbers. the trade deficit widened so even if the employer numbers were good there are too many other factors that hampered
growth. dave: the labor department says there is an accumulation of claims that a likely submitted over a period of several weeks but not processed until the return to the quarter. apparently the state in question, this is the state that supposedly underreported -- tallying for this week, we should see some sort of catch up. is this going to eventually balance out? are we going to see this playing with numbers until election day? >> it is easy to have conspiracy theories here. i am not about to do that. even going back to the payroll number, when you look at the payroll number, you saw it was a weak number internally mostly due to temporary workers. that was the reason for the drop in the unemployment rate. the labor situation in my mind despite the better than expected
number today which is questionable and the payroll number, the labor situation is not much better at all. liz: investors are dying for somebody to tell what to do. what is your best investment idea with all the questions floating around? >> i like gold. central banks globally have no place but to continue to print the of currency and in particular the federal reserve of the united states has the most ability to do that and debase the u.s. dollar so i like buying dollar-denominated gold. i like health care because i'm not a health care specialists but i see a demographically favorable trend in health care. the u.s. population is much like other mature economies in the world and for that reason there is going to be a need for good and services. lou: dave: we have real -- realogy
above the initial idea. you say home builders are tapped out. how so? >> we think the home builder space has already seen a run up and we don't think if the economy continues to weaken and we have fiscal cliff issues coming up at the -- they already had the run up on what people expect to be good numbers and we think will turn around. dave: the you count your blessings and add your profits? >> absolutely. you never went broke taking profits. neil: would you do that with apple? >> we talked about this before. the problem with apple is it is 20% of most of the indices and mutual-fund that cover the nasdaq. liz: that means fund managers have to have it in there if they are making certain investments. >> it has to be weighted to the 20% of the portfolios of apple had a nice pop off of the samsung losses which was won through the entire world that
apple won. the iphone 5 release and the ipad but we see too much competition. we don't see new innovation. we see other people taking their market share and we think it is overprice and the fact that it is weighted so heavily in the indices is going to be a drag so even if everything else goes up apple will drag. >> a big question. how does the u.s. avoid recession if the rest of the world is slipping in that direction? >> it is difficult and there was a question earlier about whether the unknown risks. the funny thing is the most obvious risk to me is a u.s. recession and it will be difficult to avoid that with the slowdown we are seeing in europe. most of europe is in recession with perhaps the exception of germany. germany is teetering. asia is slowing very quickly. we see it in australia's numbers and we saw it in japan last night. very difficult for us to feel we are an island in an ocean of
recession with the s&p 517% or 18% revenue dependent on exports. >> which is why peter likes bold so much. liz: i feel like jumping off a cliff now. thank you so much. high unemployment protests and recessions? sounds like a great place for them. many are running away from europe. we have a portfolio manager who says europe is the very place th holds the opportunity of a generation. dave: vice president joe biden and paul ryan face-off tonight in the only vice-presidential debate. they will be all over the scene with foreign and domestic topics. we are live with a preview coming. neil: liz: there's a live picture. she was once named one of the most powerful women in european business and now she is on a campaign to cure capitalism.
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liz: 11 seconds to the s&p futures. let's go to the cme. how does it look? >> we are in a transition phase. we are in a very tight race. i tell you, the longer we stay in this range, faster and more furious the next move is going to be. we don't know how long this phase will last. i can think of ten reasons the market should go down but it doesn't. the next movement in markets could be something we least expect. stay the course. dave: the anticipation is killing me. it is time to check in with nicole petallides on the floor of the stock exchange.
good day for imax. nicole: a great one for all the large screens, take a look at imax and how it did today. it is up 6.5%. $21.54 was the final count. last traded for imax and credit suisse initiating the name and a $20 price target talking about how in asia particularly in china, how their concept is growing and they are seeing a change in story line to be obviously more local and regional and doing well and that is why you saw a nice talk and we had the ceo on the fox business network. back to you. liz: it is likely to be the most closely watched vice-presidential debate in a long time if not ever. it begins in five hours.
dave: it will be interesting to see what happens. >> i got to tell you the spin room is where you go after debate to get the post debate reaction or spin from democrats and republicans. this is the free spin. we had a discussion with chris and holland who played congressman paul ryan in debate prep for joe biden. he said the vice president is ready. they went through a session earlier today and they will be back in this room later after the debate happens. you brought this up a short while ago. this is a different debate. intensity discounted. a little different this year. paul ryan is the architect of the republican plan, the republican economic plan, house budget committee chairman has written that and all the details and that is why he was chosen as vice president and problems for democrats giving president
obama's debate performance and democrats want to stop the momentum going for republicans so it is an important debate. we have it live on fox business. liz: lot of journalists behind you. dave: free spin. liz: thanks. be sure to watch the debate on fox business with the business skew. that is what we do. that is what neil cavuto does. he is leading our coverage starting at 8:00 eastern time. dave: when you think of europe you might think about the debt crisis, budget cuts and protests in the streets. david marcus of eversmore global things opportunity of a lifetime. he will be here after the break to tell us precisely where to invest in europe. liz: rothschild is the most famous name out there. the c e o, lynn forrester
liz: if you have bad news don't hide it. get it out there. advanced microdevices, the semiconductor company has bad news. let's go to robert gray. "after the bell" robert: they're trying to get out before reporting full earnings and out with a profit warning saying they see their revenue down 10% sequentially.
they will miss estimates. the reason, lack of demand, they cut prices during the period. didn't seem to help. gross margins are 13% lighter lower than they anticipated. revenue will be down citing a lack of demand for their ships out there. shares are down 5% in after-hours trading. back to you. liz: one of the biggest stories with a brilliantly performing stock, home depot was getting downgraded because they were doing everything right and the valuation was too rich. oppenheimer downgraded home depot and stock fell again today but there has been a lot of positive housing data suggesting we may be coming off the bottom. we decided to ask the man at the top what is going on in a fox business exclusive. frank blake, home depot chairman and ceo shared his positive outlook for the housing market only with our viewers. >> it is not a recovery but a
filing out and hopefully a gradual improvement. we serve 35% of our sales go to probes. and the other side is consumer do it yourself and our pro business got hit particularly hard during the downturn and we are starting at the end of last year to this year to see our pro business recovery. not growing as fast as the consumer business but it is growing. the hardest-hit areas, florida, california, arizona, are starting to retire. florida and california in the last quarter equal or slightly better than the rest. housing has never been more affordable than it is now. if you want to buy a house it has never been more affordable and will be a slow fog as credit becomes available for consumers. >> he gave the federal reserve credit for making mortgage rates so low they have inspired people
to get back into the housing market and start investing again instead of simply renting. frank blake in a fox business exclusive from home depot saying it is our job to prove analyst wrong and we will. dave: he said it is not a recovery but the beginning of the following process. putting a very modest sentiment on it. liz: stocks are up 70%. dave: some are fleeing europe with the s&p downgrades plaguing all of those economies. liz: a money manager says now is the time to buy because if you wait until it is time to getting you will be too late. he is calling europe a once in a generation opportunity. find out why. david marcus of evermore global advisor is. europe is now a bunch of disparate nations some doing well and the club med saves, spain and italy, those people talk about that, not as much.
you say get into europe where? >> you are absolutely right. is not about buying europe itself. it is about buying companies so it is companies like vivendi, going through rapid transformation with a bunch of disparate businesses. global businesses base in europe. they are taking advantage of this crisis like never before. restructuring and selling assets and refocusing and pushing on their unions. there is a company in spain that is a big media conglomerate going through a remarkable transformation. dave: let me push back on you a little bit. some people would say the kind of changes they are making to satisfy the economists are not necessarily good changes. they are raising taxes, increasing regulations. that does not promote economic growth. >> we are not saying you buy everything. you have to be very selective
and pick those companies that will thrive. dave: focus on the one you mention from spain. it is interesting that carlos slim likes this company. they are in to pay tv and education services and text books which they are still using in a lot of places including latin america. if carlos slim is investing maybe he knows what governments are buying. >> he is not the richest man in the world because he doesn't know what he is doing. he buys things on the cheap. that is what we are looking to do. the preferreds, getting a huge dividend and getting paid to wait. the reality is this company has gone through a lot of frustration because they have a stretch to balance sheet but they are also restructuring and pushing back on unions, streamlining the business and the crisis allows them to do it because governments realize if we don't help our companies, more people will be out of a job.
they are changing rules to allow them to lay off more modest costs. liz: you like the german industrial giant siemens. as we look at that chart i am interested to know how you identify touch and go situation in many countries, a stock that should be bought. >> it all starts with the valuation. what we think are low multiples of cash flow. once we see that we look for catalysts. everything is about catalysts. what will make it go up? is there restructuring or new management? are they focusing the business in some way? what do we see going on? siemens is one of the best examples in europe. i don't own it. i'm waiting for it to come down. we are there. the kind of company that is absolutely taken advantage of but what they don't do is make big announcements about layoffs. they get it done.
the headlines don't sell well. we are seeing this -- other things are companies based in europe that allow you to sneak into emerging markets where all their business is in africa. dave: we got to go. you are trying to sell ice to an eskimo. is it a tough sell selling your -- >> it is a tough sell but history has proven over and over you have to buy them when they hate the man they really hate them today. dave: good to see you. thank you for coming in again. liz: capitalism is the under siege and she is campaigning to hold the attack. american offer for nor and communication director lynn forster rothschild joining us in a first on fox business into the next. dave: one food company recalling million boxes of cereal. before you pull your next bowl better listen up. that story ahead in today's speed read.
david: time for a quick speed read of some of the day's other headlines. five stories in a minute. first up, u.s. foreclosure filings fell to a five-year low last month as fewer homes were on track to be seized by lenders. filings dropped 7% in september from the previous month and 16% from a year ago. kellogg's voluntarily recalling three million boxes of its mini wheats cereal. they may be contaminated with metal and faulty manufacturing part is to blame. >> motorola selling revamp the droid raise sir. they will be sold for 299. you know telecom agency says there are about 6 billion cell phone subscribers in the world. that is one phone for 86 of everyone00 people. the report says china
accounts for one billion subscriptions. apple's iphone is gaining popularity among teenagers. 40% of u.s. teenagers own a iphone. that is up from 23% a year ago. that is today's speed read. liz? [buzzer] liz: i swear i'm the last holdout oo this iphone. ridiculous. a think tank that was created in part as a response to "occupy wall street" is promoting capitalism and says that capital system under siege and that it really shouldn't be. what does that mean? well we have one of the business leaders of this organization, a communications mogul on with us in a fox business exclusive. lady lynn forrester de rothschild is here. you're calling it the henley jackson initiative. welcome to the show. >> thank you. liz: last time you were here with me you were watching a weather online business. now this. why? you say capital system under siege. what does that mean and by whom and by what?
>> what it means that capitalism has been this fabulous force for good for so many. 600 million people around the world have been lifted out of poverty by capitalism yet we live in a time where only 44% of the americans believe their children will be better on than they were. that is down from 70% in 2000. so, it's our system. 25% of our youth are unemployed. we don't want to lose those people and their belief our system works but we also have to say that bad things have happened. you know, the inequality of, the lack of opportunity. if you're 25 and you don't have a job and you're out of work for two years, the system is not working for you. so what we are saying let's make the system inclusive and we're saying that actually we will correct it from within. that the business community is in there create apprenticeships, jobs.
they are bringing in students who are not perhaps, perhaps prepared and they're saying we will prepare you. we will teach you the trade. businesses, rolls royce does this. ibm reaches out to small and mead enterprises and says okay, you can supply to us. here is what you need to do. liz: let's give people the opportunity. a couple things. we love capitalism here at fox business. one of our themes is capitalism lives here. we see business is good. to play the devil's advocate people disenfran whised out there or lost their jobs in a way blame the certain parts of capitalist society. aye i'm thinking financial institutions took wild bets and expected us to bail them out. how do you get that out of the way? this is important to point out. you say this is bipartisan. you have people on both side. let's not beat up own one
side of the aisle. >> exactly. we're not defending the bad behavior. there was bad behavior and banks will have to resuscitate themselves. i believe they will. but we brought democrats and republicans together. so we have jon huntsman and carly fiorina and larry summers and laura tyson. what we're agreeing on we don't have to wait for government to do what capitalism needs. we in our own interests, as businesses need to start educating people to take the jobs that are out there. there are three million unfilled jobs because people aren't qualified. liz: so you're getting businesses on board and with your contacts i can only imagine that you're putting the screws on some of these businesses saying get ready, bring the people either in for internships or help them in a way get qualified and get trained for these jobs? >> the great thing it is really not matter of putting screws on. liz: i was going to say it is not a tough sell?
>> not a tough sell at all. all of us who benefited from the system want the system to work for the next generation. we can not leave behind a situation where 25% of our population doesn't feel invested in what made this country great. so, so it's really not, and that's kind of one of the points of the henry jackson initiative makes which is that businesses is out there doing good things. whether aol with a year up program to bring in students. whether it's time warner cable doing, connect a million minds. whether it he is the supplier connection of ibm. whether it is hewlett-packard going to the u.k. and saying, 10% of everything we buy in britain we will buy from small and medium enter prices. liz: helping in that regard. >> helping create jobs. liz: you're part of the 1% and you're a lifelong democrat. how do you respond when you hear that cry out there that it's the obama administration who hasn't been as business-friendly as they could be? >> i'm, i'm responsive to
that criticism but, but that's not really what i'm focused on now. we need a government that needs business and we need business to go to government, not with narrow requirements but with, here's what we can do for our country really. we have to go back to that ethic and most companies are there. that's the thing. it's not occupy wall street versus big companies. comppnies, i can't tell you, i know a lot of ceo's and all of them care desperately about wider opportunity and a stronger capitallism. and companies are doing it and on our website we highlight and we showcase a lot of the great programs. liz: and the website is? >> the website is, the henry jackson initiative.org. liz: the henry jackson nichetive.org. >> it is not. the henry jackson initiativ
initiative.org. liz: we'll put it on the lower third. somebody doing something about the problem instead of complaining it. >> great to see you liz. liz: lynn forrester de rothschild. david, over to you, you it is clear natural gas is finally gaining a foothold. up next the president of oil and natural gas company, swift energy. up the one natural gas play that investors are overlooking. jihadist cyber attacks continue today. regions financial admits it is taking a hit and it is impacting their customers. adam shapiro continues to bring the frightening details here on fox business [ male announcer ] let's say you need to take care of legal matters.
wouldn't it be nice if there was an easier, less-expensive option than using a traditional lawyer? well, legalzoom came up with a better way. we took the best of the old and combined it with modern technology. together you get quality services on your terms, with total customer support. legalzoom documents have been accepted in all 50 states, and they're backed by a 100% satisfaction guarant. so go to legalzoom.com today and see for yourself. it's law that just makes sense. >> i'm robert gray with your fox business brief. shares of advanced micro extended trading after the company cut its previously anticipated revenue forecast.
amd cites weaker demand for the lower outlook. the company is slated to report third quarter results next week. meanwhile j.b. hunt is out with its third quarter earnings results. earnings per share missed estimates by a penny. on the upside revenue was higher than expected at $1.3 billion. the shares are moving higher. it may have been a mixed day for stocks but the s&p 500 managed to snap a four-day losing streak with ever so slight gain. the same can't be said for the blue-chips. the dow down for the fourth straight day. the nasdaq seeing its longest losing streak in the last three months. that's the latest from the fox business network, giving you the power to prosper
winter. what impact is all this going to have on energy companies, particularly the natural gas companies? joining us now in a fox business exclusive, bruce vincent, president of oil and natural gas company swift energy. bruce, a pleasure to see you again. how has all this new money affected your business, if at all? >> well, what is happening with natural gas you're seeing markets work. prices have been low for some time which stimulated --. david: looks like we're having a little difficulty? did he get him back? we'll have to take a short break. we'll try to get things back in order and fix our satellites. when we come back the very latest what the markets will be doing tomorrow and what to look forward to. we'll be right back. ♪
david: bruce vincent is become before he was rudely interrupted by a negligent satellite. thanks, bruce. from swift energy. we were talking about the money moving to natural gas and whether that is affecting the way you do business. go ahead, bruce. >> the higher natural gas prices are improving profitability. they're you improving cash flow which gives producer more capital to invest in drilling wells. but what it is not doing it is not high enough to reallocate capital in dry gas plays.
even with higher gas prices they are still below $4 an mcf. david: i was going to say liquid natural gas is something you guys have been exploring than a lot of natural gas companies. that is where the big money is. any progress on that? how do investors out there find a path in? >> absolutely. our company, for instance is allocated over 95% of our capital budget this year what we call liquid rich plays. either oil plays, natural gas a significant component of liquids. that could be condensate. natural gas liquids with the gas, propanes, butanes. you're allocating capital where the better economics are. investors look for companies with significant inventories of liquid rich opportunities because they're making greater profitability on companies rather than just dry gas plays. david: wilbur ross is usually always ahead of the curve.
he says china has huge natural gas deposits heretofore unknown about. he heard about it. they have come to ask him whether or not u.s. drillers, u.s. explorers could get into china to pull some of that out. they're not familiar with the latest fracking technology. is that anything you could get into? >> that wouldn't be something our company would necessarily do but with re are finding a lot of companies, not just chinese companies, particular any in asia, coming to the u.s. and investing in oil and gas markets. part of it is for strategic reasons to understand how to develop the shale rock and take that technology and use it other places internationally. china has significant shale reserves. there is lot less known about the quality of the rock in china different places but there is certainly vast potential in china and vast potential in other places in the world for shale development. david: bruce, finally. it is a bugaboo of yours and ours as well.
there is too much regulation. a whole new set of regulations coming online couple days, mid-october a couple of days from now. >> all right. david: specifically what are they and how will they affect your business? >> yeah. the epa has issued new regulations under the clean air act relating to air emissions effective october the 5th teent. so it begins next week. they're called the quad 4 transition and it is incredibly sweeping set of regulations. it will be incredibly burdensome from administrative standpoint and no doubt very expensive. expensive both in terms of manpower in order to monitor it but also expensive in terms of the equipment that they're requiring that companies put in their installations. and one of the things they have done they have, are aggregating emissions now in very, very large geographic areas. historically facilities would be agra bated based on emissions that facility is putting out. in our case we'ring a to aggregate all of our facilities in all of texas and all of louisiana
together and these regulations haven't been estimated in terms of what the costs is going to be to industry but it will be very, very significant. more importantly we really haven't understanding a benefit. there is no cost benefit analysis by implementing these regulations. there is a lot of confusion in the industry in terms of what and how we need to implement these. david: bruce vincent, swift energy president. always good to see you. come back to see us soon. >> thanks a lot, david. david: rouge on financial the latest u.s. bank to be confirmed to be hit by a cyberattack. liz: this keeps happening to many financial institutions. fox business was the first to tell you about this story. we've been talking to you about it ever since. adam. >> what these attacks do is slow down the ability of a customer to get to your online accounts and maybe pay bills or transfer fund but regions now out of the fire. the next question though is, this group that claims responsibility for not only
the attacks this week against suntrust, regions financial and capital one but also jpmorgan chase, bank of america and the new york stock exchange last month, they're claiming they will go forward. when they put out the threat this week and they said, this was the actually in the posting tuesday would be the attack on capital one. wednesday attack on suntrust banks. thursday attacks to regions financial. weekend, planning for the next week's attacks. you expect there to be sunday cocktails, monday, world domination. this is the schedule they put out but what they're promise something more attacks. they will launch them roughly 2:00 gmt. 10:00 a.m. here in the united states. they're promising these will go on and on, until that film, "innocence of muslims", is pulled from youtube. david: you talked in the past how the pipelines go into these companies. >> right. david: the information pipelines and how they have a lot of them. the terrorists only know about the obvious ones. are there more pipelines -- >> into the systems and what
the cyber experts are discovering with this it is actually very sophisticated. usually when hackers go after and do denial of service they take over your laptop. they take over hundreds of thousands of computers. you don't even know the malware is on there. it launches a request to the website that has been targeted. what they're doing now, what these guys are doing, men and women perhaps, are targeting web servers. they don't need the personal computer. they're using web servers. fewer computers, much more powerful. as banks move the ports to keep them out, they're able to catch up that quickly. liz: adam shapiro on the story, thank you very much. david: good stuff, adam. liz: unfortunately possibly coming to a bank near you. >> right. liz: thank you. one key earnings report and big economic data set to hit the tape tomorrow that could move your money. you need to know about it today. we have "tomorrow's trades today" next. david: one of these fast-food giants is getting a logo makeover. it is the first change in about 30 years. who could it be? we'll reveal that straight ahead.